To protect against legal challenges from other parties while Brightoil undergoes restructuring.
Changes took effect from 19 December 2018 at 0001 hours, according to Port Marine Circular No.10 of 2018.
Sources from Global Energy Trading, Consort Bunkers, and NewOcean Fuel confirm the development.
Offers practical advice to dispel some misunderstandings regarding the responsibility of suppliers.
Bunker tanker arrested at Singapore port on Friday (14 December) on 3.56 am (Singapore time).
Creditors enter agreement to avoid ‘potentially value destructive litigation in favor of global peace’.
Brightoil to offer compromise or arrangement with creditor during upcoming session on Wednesday.
Suggests use of ISO 8217:2017 or MARPOL Annex VI for protection against fuel contamination while insisting on longer claim time bars from contractual suppliers.
Global Energy Trading, Consort Bunkers, and NewOcean Fuel submitting applications at court on Friday.
It is the onus on a party seeking to limit liability to provide all information at early stage, says lawyer.
